for the Integration of Blockchain Technology and Traditional Notarization Services in China
February 26th, 2016. Ancun and Factom, Inc. signed a Memorandum Of Understanding to integrate Factom’s blockchain technology with Ancun’s electronic data notarization services. This partnership represents an opportunity for both parties to further their mission of enhancing integrity in information management. Factom, Inc. will offer advice and technical guidance as Ancun shapes their Blockchain strategy for their notarization business.
Factom will provide Ancun an application interface to blockchain for their back office operations. Factom will also build an application interface to integrate with Ancun’s existing software systems. Factom’s technology will support Ancun’s notarization services for more than 100 locations in 28 provinces across China.
State of the Industry
The Internet continues to become an integral part of China’s economic infrastructure. This trend is characterized by an increasing amount of digital data that is embedded in business transitions, social development, technology progress, and international communication. With the increasing reliance on data storage, it is important that this data is secured so it may be used correctly. Ancun rose to the occasion with an extraordinary initiative: they offer a one-stop shop for electronic data storage and notarization solution, aiming to establish order and trust in the digital world. Factom’s blockchain solutions will secure data history and timestamp Ancun’s notarization service. By leveraging Factom’s Blockchain technology, Ancun will gain greater transparency and accountability while cutting costs.
“We are focused on providing our customers with one-stop-shop internet technology solution, to meet their electronic data storage and notarization need” said Hang Gao CEO of Ancun Zhengxin, “Through collaborating with Factom, we anticipate to speed up the processing of providing blockchain technology based solution to our customers, help the industry to move to next level of technology, information integrity, and data security.”
“We are honored to have the opportunity to work with Aucun. They are a wonderful company that can guide us as we move ahead in our China strategy. Jointly we will build added security within online commerce and communication. This is an exciting opportunity, and we are looking forward to more collaboration in the future.” – Jack Lu CTO of Factom Inc.
Ancun is a leader in the internet industry and a leading innovative electronic data notarization services provider. Ancun has accumulated extensive experiences in eight product types over a broad range of industries, including voice, email, documents, contracts, copyright, electronic government, medical data, instant messaging. They also have partnerships with more than 100 notarial offices in China. Ancun Zhengxin is a subsidiary of Ancun Group and is responsible for Ancun Group’s platform development and maintenance.
Factom is at the forefront of the blockchain revolution, shaping the future of blockchain technologies. Factom products allow corporations and governments to take advantage of the security of the blockchain while leapfrogging internet scalability limitations of the blockchain. Factom builds application interfaces that connect to the existing software. They work on projects that secure data and systems for governments, financial institutions, insurance companies, and medical records management companies. They are headquartered in Austin, TX. Factom also has offices in Sunnyvale, CA and London, UK.